The B.C. Horse Racing Industry Management Committee reached an agreement Friday to renew for five years the income-sharing arrangements by which income is distributed to the industry partners.
“This was an important decision for the Management Committee to make,” said the Committee’s Interim Chairman, Brian Butters. “It signals to all people involved in the industry that we have funding stability for the long term, which should provide a much-needed measure of certainty to horse owners, breeders, bettors and everyone else who is interested in the business.”
The funding agreement remains unchanged from the model that has been in place for eight years. The extended term of five years is intended to coincide with the length of the operating lease for Hastings Racecourse. The track operator, Great Canadian Gaming Corp., has reached an agreement in principle with the City of Vancouver to renew the Hastings lease for a five-year period, with a further five-year term beyond that if both parties agree.
“Once the new lease is formally signed – and with the funding agreement extended – horse racing enthusiasts can look forward to a prolonged period of stability for the industry in B.C.,” said Butters.
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